On Wednesday, digital workflow company ServiceNow (NYSE:NOW) announced a five-year strategic partnership deal with Amazon Web Services (AWS), the cloud computing division of tech giant Amazon (NASDAQ:AMZN). The partnership is expected to start in early 2024.
According to the announcement, ServiceNow’s platform and services will be available as a Software-as-a-Service (SaaS) offering on the AWS Marketplace.
Furthermore, the firms will collaborate to build and deploy industry-specific artificial intelligence (AI) powered business applications. Additionally, the applications will be hosted on AWS and listed on its Marketplace. They are expected to add intelligence to important business workflows.
Paul Fipps, President of Strategic Accounts at ServiceNow, remarked, “Our new SaaS platform on AWS and our co-developed solutions are an integral part of our efforts to help customers put AI to work for their business.”
Shares of ServiceNow, as of writing, have gained 2.08% in Wednesday’s trading session.
Is ServiceNow a Good Stock to Buy?
With 27 Buys and one Hold, NOW stock commands a Strong Buy consensus rating on TipRanks. After a 76.19% rally in its share prices this year, the average ServiceNow price target of $654.15 implies a -3.69% downside potential from current levels.
